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Time Says Oil Prices Rigged

In a piece that starts out harmlessly enough and then descends into absurdity, Time argues that oil producers themselves are probably buying futures contracts in order to fatten their earnings. You might think manipulating the world oil market would be risky and expensive, but you (apparently) would be wrong, according to these writers: The point […]

"Is My Bank Safe?"

Robert Wenzel over at EconomicPolicyJournal gives us his thoughts on protecting yourself from bank runs.* On a related note, in years past my wife and I had used Emigrant Direct as a way to take money out of our checking account (where we might spend it) and get it earning interest but in a very […]

Recession Does Not Mean Low Inflation!

There is a myth that during an economic downturn, the one silver lining is that pressure is taken off prices and so inflation rates come down. This mentality oozes from the financial press, and even Ben Bernanke endorsed it Friday during the Group Think session in Jackson Hole, Wyoming. Even though the PPI just hit […]

Basic Steps to Prepare for a Possible Crisis

I am pessimistic about the U.S. economy‘s prospects for the next five years. So let’s go over some very basic and obvious steps every household should take, as quickly as possible. Note that the goals don’t have to be achieved overnight, but setting those goals should be done ASAP. (By the way, I admit that […]

The Unintended Consequences of Bailouts

“Despite” the federal government’s recent assurances, Freddie Mac and Fannie Mae continue to struggle. From today’s Washington Post: A major credit rating agency cut the preferred share rating on Fannie Mae (FNM.N) and Freddie Mac (FRE.N) amid mounting concern about the ability of the two largest U.S. home funding providers to access capital, in the […]

The Importance of Tithing

Folks, this is going to sound corny, as if I’m doing my gosh darnedest to sound like Gary North or Charley Reese. So be it: My wife and I are Christian and so we tithe, meaning we set aside 10% of our monthly income and give it to the Church. (This book gives an in-depth […]

Don’t Pay Down Your Credit Card Balances

In a recent LRC article, I made the case for not paying down your credit card debt. Rather, if you expect the dollar to fall (and prices to rise) fairly rapidly over the next few years, then you should let your card balances roll over, and use the freed up dollars to buy assets such […]

Inaugural Post

This site will be a work in progress, probably through September [2008]. I hope to offer near-daily commentary on financial news. I am an economist with a PhD from NYU, but I have been heavily influenced by the “Austrian” school of economics. I am a consultant–meaning I will take anyone’s money–but my main gig right […]